By Bruno Federowski and Miguel Gutierrez
SAO PAULO/MEXICO CITY, Nov 22 Brazilian and
Mexican stocks rose on Tuesday, helped by more external appetite
for risk and investors buying in after a sell off prompted by
Donald Trump's U.S. election victory.
Mexico's IPC stock index closed up more than 1
percent. Brazil's benchmark Bovespa stock index was more
than 1.4 percent higher, rising for the third straight day, as
hopes of higher prices of basic products lifted shares of
miners, steelmakers and pulp producers.
Preferred shares of Suzano Papel e Celulose SA
rose after the company agreed to increase prices of its pulp
exports to China by 3.8 percent beginning in December.
Rival Fibria Celulose SA later said it would also
raise prices for the Asian market.
Shares of miners and steelmakers, such as Cia Siderúrgica
Nacional SA and Vale SA, also rose. Many
traders hope heavy infrastructure spending under U.S.
President-elect Donald Trump translates into higher prices of
Wall Street's three main stock indexes ended at record highs
on Tuesday, while European shares also rose on expectations that
markets would benefit from President-elect Trump's policies.
The Mexican peso weakened more than 0.6 percent
after solid economic data from the United States strengthened
the dollar and raised expectations of a Federal Reserve rate
hike next year.
Key Latin American stock indices at 2209 GMT:
Stock indexes daily % YTD %
MSCI Emerging Markets 857.45 1.19 7.97
MSCI LatAm 2330.75 1.03 27.38
Brazil Bovespa 61954.47 1.45 42.92
Mexico IPC 44838.76 1.07 4.33
Chile IPSA 4216.62 -0.4 14.58
Chile IGPA 21032.33 -0.52 15.87
Argentina MerVal 17306.81 2.74 48.24
Colombia IGBC 9697.45 -0.46 13.46
Venezuela IBC 26190.22 -0.7 79.53
(Reporting by Bruno Federowski, Flavia Bohone and Miguel Angel
Gutierrez; Editing by Lisa Von Ahn and Diane Craft)